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Deposits market heats up Singapore

Deposits market heats up Singapore

(8 November 2005 – Singapore) Competition Singapore style is heating up in the deposits market as local banks respond to the likes of Standard Chartered and Citibank taking share of Singaporean funds. In the past, domestic banks OCBC, DBS and UOB were not chasing deposits as most Singaporeans’ savings naturally found its way into their coffers.

But competition from foreign banks for fixed deposits of larger amounts has increased and interbank rates have risen to 2.81 percent from 1.75 at the start of 2005.

OCBC is now paying 0.825 percent on a 12 month fixed deposit of between S$20,000 and 50,000, and 0.8 percent for amounts between S$5,000 and 20,000.

Before this, the bank was paying 0.7 percent for 12 month deposits below S$50,000.

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